What Is Specific Performance?

Businesses tend to rely quite a bit on the contracts they form with other
parties. Thus, it can cause quite a bit of financial turmoil for a business
when a party violates or fails to live up to the terms of such a contract.
When a party doesn't comply with a term of a contract, it is called
a breach of contract. One option a business may have when it has been
subjected to a breach of contract is to bring a lawsuit asking for relief.

The main type of relief that can be sought for a breach of contract are
damages. There are, however, other types as well. Today's discussion
will be focused on one of these other types: specific performance.

Specific performance is when a court orders the breaching party to perform
an action they agreed to in a contract. This remedy may be granted when
damages wouldn't be sufficient to get the non-breaching party back
in the position they would have found themselves in without the breach.
When might this be the case? One instance in which damages might not suffice
is when the breached term involves rare or unique subject matter, such
as the purchase of real estate where one side tries to back out of the
purchase agreement.

One of the potentially impactful decisions a business has before it when
pursuing a breach of contract lawsuit is the decision of what sort of
remedies to ask for. Attorneys can help businesses that have been the
victim of a breach of contract understand what remedies they might be
able to ask for and what remedy requests might be best for them given
the particular circumstances of their case.

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